When you hire an estate planning attorney in Baltimore , it is important to ask the right questions so you can make the best choices for yourself and your heirs. There are many different things to consider when make an estate plan, so it can helpful to prepare your questions in advance so that you don’t overlook anything. Consider adding these questions to your list for your meeting.

What kind of experience do you have?

Estate law can be extremely complex, and it changes frequently. It is important to hire an estate lawyer with experience in the field, rather than an attorney who is simply willing to make a plan for you. The advice and information you get from an experienced attorney is invaluable, and by working with an experienced estate lawyer, you can feel better about the decisions you’re making and how they will impact your heirs.

Can you help me with a trust?

Not all estate planning attorneys are willing or able to help you establish a revocable or irrevocable trust, so if this is one of your goals, ask your prospective attorney up front if he or she can manage your request. There are many advantages to setting up a trust and using it in place of a will for some families, so ideally, your attorney will help you decide if a trust is right for you and assist you in setting it up.

Is it possible to avoid probate?

Many people who are making plans for their estate wish to avoid probate for their heirs if it is possible. Going through probate is time-consuming and costly, and can cause conflict within the surviving family members. Ideally, an estate planning attorney can guide you towards options, like trusts, that can limit the probate process. If it isn’t possible to avoid probate, ask your attorney if he or she will be available to guide your heirs through the process.

During the estate planning process, it is important to consider the implications of estate taxes. If you have a sizable estate, estate taxes can command a significant portion of your assets. Fortunately, an estate lawyer in Baltimore can help you plan to reduce or avoid the burden of estate tax on your beneficiaries.

Watch this video to learn more about the estate tax. This tax is levied on an estate that exceeds that year’s benchmark at the rate that is in effect that the person’s time of death. These rates are changed frequently by the government. Through careful estate planning, you can distribute your estate in your will in a way that protects your loved ones from this tax and preserves your resources.

When you consult an estate attorney in Anne Arundel County, you’ll likely bring along a list of your assets and the names of your intended beneficiaries. But estate planning involves much more than deciding when Junior can access his trust fund or who will receive the family’s heirlooms. You can expect your estate planning attorney to ask you plenty of questions about your life, relationships, and even your identifying information.

Who Will Become the Guardian of Minor Children?

One of the most important decisions a parent can make is who should assume guardianship of minor children in the event of the parent’s death. If you are currently in good health, it may seem premature to think about this issue. However, tragedies can happen at any time. You do not want your family and friends going to Court and fighting over who will care for your children. It is better you plan now who can physically care for your children and who can manage his/her assets, which does not necessary have to be the same person.

Who Will Be Designated Secondary Beneficiaries?

Another question you should consider during estate planning is to whom you would like to bequeath your assets in the event that your primary beneficiaries are also deceased. You may even wish to designate tertiary beneficiaries in case of a major disaster. For example, you might assume that you’ll leave everything to your spouse, and in the event that he or she also passes away, your assets will go to your children. In the unlikely situation that a calamity befalls your entire family, you can name a tertiary beneficiary such as a charitable organization.

Are There Any Discrepancies in Identifying Information?

As you might imagine, estate planning involves a great deal of paperwork. Any discrepancies in your identifying information may lead to legal problems later on. One example is a person that changes their name due to a marriage, divorce, or by Court petition. A more recent issue is individuals who are transgender should inform their attorneys if their gender identification is different on documents such as birth certificates. If this applies to you, your estate planning lawyer can guide you through the process of updating your legal records and making sure proper documents can be found for the Personal Representative.

Estate planning involves so much more than just drafting and executing your Last Will and Testament. An estate planning attorney near Baltimore can guide you through each aspect that applies to your situation. He or she can also offer legal guidance regarding minimizing tax obligations to maximize the assets bequeathed to your beneficiaries. Before you consult an estate planning attorney , you may wish to write out a list of any questions you may have.

Do Wills Have Limitations?
There are certain actions that a Will cannot accomplish. It cannot transfer non-probate property. This includes jointly owned cars, jointly owned bank accounts, bank accounts with payable of death designation, life insurance, annuities, retirement benefits, and trusts. For example, if you own a home jointly with your spouse as tenants by the entireties or partner or family member as joint tenants, the full ownership of the home will pass to that person upon your death. If you have an IRA that is payable to a designated beneficiary, this beneficiary will receive the account, rather than a different individual specified by your will. If you would like to change your designated beneficiaries, you can do so directly on those documents, rather than with your Will. And if you write in your Will that you want that beneficiary to split the proceeds of the IRA, Bank Account, or Life Insurance policy, there is no legal requirement he/she will split that asset with any other person.

What Should I Know About Life Insurance?
When you discuss estate planning with an attorney in Glen Burnie, be sure to inform him or her of any life insurance policies you may have. You have two basic options for your life insurance policies . You can designate one or more beneficiaries, or you can make your life insurance benefits payable to a trust or probate estate. Making these benefits payable to a trust can protect these assets from creditors. You should seek the advice of an attorney to determine the proper way to designate the trust as beneficiary. If the benefits are payable to your estate, the funds will be distributed in accordance with your will and will increase probate fees and personal representative commissions.

What Is a Healthcare Proxy?
A healthcare proxy is often referred to as an Advance Medical Directive. You can designate a person to have the power to make medical decisions on your behalf. This person can only make these decisions if you are incapacitated and cannot express your own preferences. These decisions may be necessary not just life ending situations, but also in routine medical situations including surgery. Before you designate a healthcare proxy, you should consult that individual to ensure that he or she feels capable of executing your wishes.

Wills are important legal documents that every adult should have. If you don’t yet have a last will and testament, you should visit an estate planning attorney near Baltimore. An estate attorney can draft valid wills for individuals with very complex situations, in addition to those who only need wills to execute basic preferences.

As you’ll learn by watching this video, wills are primarily used to transfer assets after death. If you pass away intestate, or without a will, the state can determine who will receive your assets. For example, if you are a Maryland resident and are married with child/children, and you die without a will, all your assets may not go to your spouse. The State may require a portion of the assets to go to your spouse and a portion to your children. Also, if you have a child which you do not wish to receive anything or one child you wish to receive more, if you do not have a will all your children will be treated equally. By having a will, you can designate your preferred beneficiaries. If you have minor children, having a will is particularly important. This is because wills are legal means of naming guardians, custodians, and trustees for minor children in the event the natural parents pass away.

Do I need an estate planning lawyer to draft a Will?

The technical answer is no; however, that is not recommended. A form that you purchase in an office supply store, a computer program, or on an online website does not know if you are actually achieving your goals. I have seen homemade wills that were invalid because it gave property that passing outside the Will to a person or left assets to persons not entitled to receive them because of probate fees, tax debts, and personal representative commissions. A Will drafted by an estate planning attorney will not only meet all the statutory requirements but also will help you make sure you achieve your goal of leaving assets to the right person.

Every adult should give consideration to estate planning , regardless of whether their assets are substantial or not. It’s commonly thought that estate planning in Baltimore only involves the creation of a will. In fact, estate planning can encompass many other elements, such as making arrangements for the care of your minor children and specifying your healthcare preferences in the event that you become incapacitated. The minimum three documents everyone should have are a Last Will and Testament, Advance Medical Directive, and Power of Attorney. For legal guidance, you should consult an estate planning attorney.

Designating Beneficiaries
When you meet with a lawyer to draft your last will and testament, you’ll be asked which beneficiaries you’d like to name. Your beneficiaries are the individuals to whom you bequeath your assets after your death . You could choose to leave all of your assets to one individual or you may wish to divide them between beneficiaries. You can be as specific as you would like. For example, you could bequeath family jewelry to a child or your piano to a sibling. You could also leave proceeds of your assets to charities.

Maximizing the Bequeathment
The assets you leave to your beneficiaries may be subject to federal and state estate and inheritance tax. Estate tax can be significant in some cases. One benefit of hiring an estate planning lawyer is that he or she will have extensive experience in strategies that maximize the amount that your beneficiaries will receive by minimizing taxes.

Designating a Guardian
If you have minor children, your will is the document that will establish guardianship in the event that you pass away before they reach the age of majority. When choosing a guardian for your children, consider factors such as your preferences for your children’s upbringing and which individual is most likely to provide your children with the stability they need. Be sure to ask the individual if he or she is willing to assume guardianship.

Designating a Custodian or Trustee
If you have minor children, your will can leave either a custodian to hold property of your minor children or a Trustee. The Custodian or Trustee does not have to be the Guardian over your child. You can name a different person to hold the property you are leaving for the children. Typical, a Custodian holds the property until the child reaches age 21. Instead of a Trustee, you could elect a Trustee who can hold the property pass the age of 21. The Trustee can also be provided with specific instructions of when and how to distribute property for education, the child’s needs, etc.

Establishing a Living Will, Advance Medical Care Directive and Healthcare Proxy
Other important components of estate planning include establishing a living will and designating a healthcare proxy. Typically this document is called an Advance Care Directive whereby you select a person to act as your healthcare proxy. This Directive not only deals with end of life issues (do you wish to receive life support), but also health care needs immediately. Your agent will be able to communicate with your health care providers as well as insurance companies on your behalf. The Directive can go into effect either immediately or if you become incapacitated, or unable to communicate your wishes. In selecting this person, you want to select someone that you trust and will act in your best interest.

Establishing a Power of Attorney and Attorney-In-Fact
Should you be out of the country, bed ridden, or incapacitated, you will need a third party to act on your behalf related to your property and financial issues. Estate planning includes establishing a Power of Attorney whereby you name a person to act as your agent and attorney-in-fact when you cannot. He/she will be able to handle issues related to your bank account (make deposits and pay your bills), invest or withdraw from retirement or other investment accounts, address cash life insurance policies, file your tax returns, and apply for government benefits. The Power of Attorney can be effective immediately or upon you being unable to handle your affairs. It is also can be limited to last for a short period of time while you are on vacation or involved with a business matter